Boston Financial Services Leadership Council
Members
- Clayton Deutsch, CEO and President, Boston Private Financial Holdings
- Peter Finnerty, Partner, Financial Services, PricewaterhouseCoopers
- J.J. Johnson, Executive Vice President, Government Relations and Public Policy, Fidelity Investments
- Ronald P. O'Hanley, President, Asset Management and Corporate Services, Fidelity Investments
- James S. Phalen, Executive Vice President, State Street Corporation
- Robert Reynolds, President and CEO, Putnam Investments
- Jorge Moran, US Country Head, President and CEO, Sovereign | Santander
Mission
The Boston Financial Services Leadership Council (BFSLC) brings together executives from the Boston financial services community with academic partners to advocate for the sector in Massachusetts, to shape relevant state and national policy, and to establish regional and global partnerships to support Boston's role as a global finance center.
Background
The roots of the Council date back to 2007, when Mass Insight, the Greater Boston Chamber of Commerce and McKinsey & Company completed a report which attested to the financial services sector’s significant contributions to the Commonwealth’s economy. The report also noted that the sector was at a critical inflection point, with competitive forces threatening Massachusetts’ financial services position.
Later, at a 2009 Congressional roundtable event hosted by the Council, Congressman Richard Neal called for Mass Insight to develop a consensus among local financial firms around retirement policy and support national reform to expand workplace savings.
As a result of these two driving forces, Mass Insight and our partners launched the BFSLC and the U.S. Retirement Policy Initiative and state competitiveness agenda in 2010, bringing executives together from the Boston financial services community, along with government and university partners.
Overview
The Council was formally announced in October 2010 at our leadership briefing at the Boston Federal Reserve with Congressman Barney Frank, Mayor Thomas Menino, Secretary Greg Bialecki, and our CEO and senior executive leadership, including Ron O’Hanley, Jim Phalen, John Hailer, Bob Reynolds, Jim Gallagher and Clay Deutsch.
The BFSLC convenes quarterly meetings between CEOs and influential public officials in order to move the Council’s agenda. A Policy Working Group of retirement specialists and government affairs staff meets monthly to shape and drive the Council’s priorities with Mass Insight staff.
Together, our priorities will protect and improve retirement security for millions of Americans and will put local businesses in position to maximize their potential as an economic engine and job source in the state.
Initiatives
Federal Agenda:
The Council is partnering with the New England Congressional delegation, regional governors and The New England Council to develop innovative strategies that would stimulate economic growth, create jobs and protect the retirement security of American workers. The Council is committed to protecting current retirement savings incentives and believes that reducing the federal deficit, while extremely important, should not come at the expense of helping American workers save for their retirement.
State Competitiveness Agenda:
The Council, in conjunction with our partners at Associated Industries of Massachusetts, is pursuing policies that create a favorable environment for business development across all industries in the state. The Council focuses on strategies that raise the visibility of the sector in the state, lower the total cost for an employer to create a job, leverage university assets that can help fuel talent development and improve the “anti-business” perception in the Commonwealth.
